DATE: February 11, 2020
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Vernon Gerth, Assistant City Administrator for Community and Economic Development
SUBJECT:
title
COF Contract No. 2018-0080, Transfer Of TDOT Right-Of-Way And Execution Of A Cross Access Easement Agreement Between The City Of Franklin And Franklin Investment Holdings, LLC A (Goodall Homes/Warner Bass Partnership) For Property Located Along Riverside Drive East Of The Home Depot.
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Purpose
The purpose of this memorandum is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning transfer of TDOT right-of-way and the execution of a cross access easement agreement between the City of Franklin and Franklin Investment Holdings, LLC for property located along Riverside Drive east of the Home Depot.
Background
In early 2018 the City received a request from Franklin Investment Holdings, LLC for permission to proceed with purchasing a small portion of excess Tennessee Department of Transportation (TDOT) right-of-way located on the west side of I-65 and adjacent to Franklin Investment Holdings, LLC vacant property as illustrated on Exhibit A. Franklin Investment Holdings, LLC is a partnership between Goodall Homes and Werner Bass and, they are in the process of obtaining approval for a mixed-use development for their property located between the Home Depot and I-65.
During the April 24, 2018 Board of Mayor and Alderman Worksession staff recommended the City forward a letter to the TDOT-Excess Land Committee waiving the City's right to purchase the excess right-of-way as illustrated on Exhibit A in lieu of Franklin Investment Holdings, LLC providing an irrevocable publicly accessible cross-access easement through their adjacent property at a mutually agreed location at such time a Development Plan and Plat are considered and approved. The BOMA subsequently approved Resolution 2018-38 and this Cross-Access Easem...
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